Proposed changes to Solvency II capital charges “remain significantly more conservative” than other jurisdictions – AFME
The Association for Financial Markets in Europe argues that a more “risk-sensitive” framework has the potential to unlock up to EUR 210bn in additional financing for the EU economy

September European pipeline bulging as warehouse creation surges
A bumper pipeline for European issuance includes at least 20 deals set to price in September, and is accompanied by a huge surge in the number of open warehouses, as the market looks to capitalise on growing investor demand

Nassau Euro issue prints at wider end of recent resets
Barclays was sole arranger on the repricing of Nassau Euro CLO III, which left the vanilla capital structure unchanged

European BB CLO tranches most susceptible to downgrade – S&P Global
Triple-A tranches demonstrate “significant stability,” according to the ratings agency

HPS markets new issue as European deal activity ramps up
The manager is marketing its newest European CLO, one of a brace of new issues and resets set to price this month

European regulators set to meet for risk retention discussion in coming weeks
EXCLUSIVE: 27 EU regulators to discuss penalties for non-compliance with risk retention requirements as market adjusts to new rule

Sculptor markets Euro reset via Jefferies
The deal, which is expected to price next week, is guiding price talk at triple As at Euribor plus 134bps

KKR breaks 130 barrier for Euro CLOs as brace of resets wrap up August
KKR has smashed the 130 barrier for standard-duration European CLO triple As for the first time since April, while Redding Ridge and BlueBay also priced resets to end the month

Diameter, Silver Point shop first Euro deals to become new European CLO managers
EXCLUSIVE: The two deals add to a busy September pipeline, which also includes the expected debut for Royal London as a first time manager

Anchorage prints second reset of 2022 Euro CLO in two years
Jefferies arranged the repricing of Anchorage Capital Europe CLO 6, the first reset to price in Europe since last Friday

Royal London pre-markets inaugural European CLO
EXCLUSIVE: The asset management arm of the Royal London Group is set to make its CLO management debut in September

European BSL defaults may tick up slightly – AlbaCore
The firm is currently looking to get more exposure to some CLO equity, double Bs and single Bs, as spreads across all parts of credit have tightened since this past spring, portfolio manager Seán Golden told Creditflux

Euro new issues on track for record year on growing demand
Year-to-date European new issues have totalled close to EUR 38bn, according to Creditflux data, putting 2025 almost EUR 4.7bn ahead of last year’s tally to the end of August

Hayfin adds to surge of short-dated August Euro resets

CLO lawyers see European CLO risk retention clarification as 'headache, not a migraine'
After an initial reaction of concern about how this may impact sentiment in the growing European CLO market, lawyers have now become more sanguine about the updated regulation, with fixes already being implemented by affected managers

Over half of European CLOs may have lost risk retention compliance following EBA clarification – Dealscribe
Over 85% of manager-originator European CLOs include conditional sale agreements to transfer credit risk from the CLO to the originator, according to research published by Dealscribe

Redding Ridge markets Euro reset for late August
The EUR 362.5m repricing of the 2021-vintage issue is set to price toward the end of the month via Goldman Sachs

Stubborn US CLO liability prices begin to tighten as deal supply eases
US CLO spreads have tightened markedly as a result of lessening supply, market sources told Creditflux, with triple As in particular finally showing a belated response to the broader tightening across financial markets

‘Battle-tested’ US CLO ETFs resume rapid growth
ETFs have become one of the most important investors in the CLO space. After a rocky period earlier in the year, when CLO ETFs experienced real outflows for the first time ever, they may now be stronger than before, and extending their reach to Europe

‘Liabilities have not moved as fast. They are halfway there’
Investor's Corner with Ujjaval Desai, head of structured products investing at Sound Point Meridian Capital

News in brief
Investors are complacent despite rising recession risk, says Eagan

Six months of records and turmoil at the top
The first half of 2025 saw convulsions in the US economy and Golub setting a record with a huge reset. Meanwhile, Blackstone slipped to third in overall issuance, despite winning out in US BSL

Disappearing Dealers: How The Pullback in SP Trading Balance Sheet Has Rewired Market Structure
Over the past 10 years, CLO issuance has multiplied, while dealer holdings fell. In the first of a three-part guest essay, Daniel Ezra looks at the causes of this change — and how it affects the market

Churchill’s survey of private equity firms suggests M&A is returning to normal levels
Senior PE executives are confident in both deal activity and returns

Fund performance – June 2025
Emerging markets lead as CLOs and credit multi- strategy returns dip